Canada won't raise taxes to help pay for COVID-19 aid programs: Finance Minister

Cana’s Finance Minister Bill Morneau on June 18 reportedly said that government will t be hiking taxes this time to help cover for COVID-19 aid programs. So far, Liberal government has revealed measures worth more than C$160 billion in direct spending. However, Morneau, while speaking to an international media outlet, said that officials will t raise taxes. 

Finance Minister also reportedly explained that at a time when country is seeing ecomy that has gone down so precipitously, last thing government would want to do is to raise taxes. As per reports, while Morneau is due to unveil a fiscal and ecomic snapshot to show government spending amid COVID-19 outbreak, he also said that government needs to think about how y can get ecomy back up and running so that y can actually cut taxes inste. 

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Amid unprecedented COVID-19 outbreak, analyst reportedly also predicted that budget deficit for 2020/21 fiscal year is set to exceed C$250 billion, smashing previous records. With Canian ecomy struggling and millions of Canians losing ir jobs, Prime Minister Justin Trudeau last month also anunced at emergency w subsidy to help encour more employers to keep staff on payroll or to help businesses to re-hire employees who are alrey laid off. 

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Job losses amid COVID-19

Canian Chamber of Commerce reportedly called  job losses and increase in unemployment rate ‘staggering’. camber furr also ded that key to reopening ecomy will be ‘re-skilling’ businesses and employees. As per reports, chamber in a statement said that key question is how quickly businesses can or will re-hire once ecomy reopens even when social distancing requirements remain in place. 

Currently, Cana has more than 101,000 confirmed coronavirus cases and dely virus has claimed nearly 8,361 lives in country. In a bid to contain virus, Cana also developed low-cost serological test kits for COVID-19 testing using algae. According to reports, kits will be available in market in a couple of months from w as algae are cheap to grow and can easily be engineered to produce viral proteins.

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